https://www.taxtmi.com/caselaws?id=800965 Penalty for concealment or furnishing inaccurate particulars was unsustainable where fixed deposits accepted under a public deposit scheme were supported by depositor names, addresses and transaction details. Although the credits were added as unexplained because confirmations were unavailable and the required standard of proof was not met, no external material or enquiry showed that the deposits constituted undisclosed income. The explanation that certain deposits were renewals from an earlier year, supported by available particulars, was not wholly untenable or lacking in bona fides. An addition under a deeming provision alone did not justify penalty, which was deleted. en-us Mon, 12 Oct 2026 00:00:00 +0530 Wed, 14 Oct 2026 06:17:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800965 Penalty for concealment or furnishing inaccurate particulars was unsustainable where fixed deposits accepted under a public deposit scheme were supported by depositor names, addresses and transaction details. Although the credits were added as unexplained because confirmations were unavailable and the required standard of proof was not met, no external material or enquiry showed that the deposits constituted undisclosed income. The explanation that certain deposits were renewals from an earlier year, supported by available particulars, was not wholly untenable or lacking in bona fides. An addition under a deeming provision alone did not justify penalty, which was deleted. Case-Laws Income Tax Mon, 12 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800965